Updated April 14, 2023
A Washington D.C. lease to own agreement allows a tenant to rent a property from a landlord, as well as to purchase the property later under pre-negotiated terms and conditions. This is usually structured so that the tenant can purchase the property for a purchase price for a period of time within the lease. If the tenant does not choose to purchase, the lease will end like a standard agreement.
Rental Application – Required by most landlords for a tenant to complete when applying for housing. The landlord may also require a non-refundable fee.
Consideration
In order to have the option to purchase the property, the tenant is recommended to pay “consideration” which can be in the form of one dollar ($1.00) for the option. Otherwise, if the landlord decides to back out of the agreement, they will not have grounds.